STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION
Transcript of STRABAG SE BOND ISSUE 2015 INVESTOR PRESENTATION
STRABAG SEBOND ISSUE 2015INVESTOR PRESENTATION
JANUARY 2015
DISCLAIMER
This presentation is made by STRABAG SE (the "Company") solely for use at investor meetings and is furnished to you solely for your information.
This presentation speaks as of January 2015. The facts and information contained herein might be subject to revision in the future. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its parents or subsidiaries or any of such person's directors, officers, employees or advisors nor any other person (i) accepts any obligation to update any information contained herein or to adjust it to future events or developments or (ii) makes any representation or warranty, express or implied, as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. None of the Company or any of its parents or subsidiaries or any of their directors, officers, employees and advisors nor any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the meeting.
This document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.
This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements generally are identified by words such as "believes“, "expects”, "predicts”, "intends”, "projects”, "plans”, "estimates”, "aims”, "foresees”, "anticipates”, "targets”, and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions
underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.
By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market and of the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.
The presentation does not constitute an offer or invitation to purchase or subscribe for any securities, and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation constitutes no offer or solicitation to buy any securities of STRABAG SE. A public offer of securities of STRABAG SE may only be made in Austria and Germany on the basis of the prospectus approved by the Austrian Financial Market Authority (Finanzmarktaufsicht) in January, 2015, published and notified to Germany, which is available free of charge during ordinary business hours at the regional seat of STRABAG SE and which can be reviewed in electronic form on the website of the issuer (www.strabag.com). Any offers received prior to the commencement of a public offer will be rejected.
This presentation does not constitute an offer to purchase any securities of STRABAG SE in the United States of America or in any other jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such offer or solicitation. Users of this document are requested to inform themselves about and to observe any such restrictions. Failure to comply with these restrictions can constitute a violation of applicable securities laws. Outside of Austria and Germany any offer will be made only as a private placement to certain qualified institutional investors, in compliance with all applicable securities laws. In the United States of America, the securities may be offered and sold only to qualified institutional buyers under Rule 144A under the Securities Act, and outside the United States of America to persons other than U.S. persons in compliance with Regulation S.
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1 STRABAG AT A GLANCE THE STRABAG STRATEGY
FINANCIAL PERFORMANCE
APPENDIX
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1 STRABAG AT A GLANCE
STRABAG AT A GLANCE
1
● Output volume 2013: € 13.6 bn
● EBITDA 2013: € 695 m
● Net income after minorities 2013: € 114 m
● 72,000 employees
● Equity ratio: > 30%
● Net cash 2013: € 74 m
● Strong brands: STRABAG & Züblin
FACTS & FIGURES
Germany43%
Austria15%
CEE25%
Rest of Europe
11%
Rest of World
6%
MARKETS
OUTPUT VOLUME BY REGION (2013)
Source: www.gtai.de, company information
Bond Investor Presentation January 2015Page 5
#1
#2#1
#1#1
#4
#2
#1#3
SaudiArabia
OmanAbu Dhabi
Qatar
#2
LARGEST PROJECTS IN PROGRESS
Country Project
Order backlog
in €m
As % of total
order backlog
ltaly Pedemontana motorway 1,015 7.5
Chile Hydro power plant Alto Maipo 372 2.8
Austria Koralm Tunnel, lot 2 324 2.4
GermanyStuttgart 21,under-ground railway station 314 2.3
United ArabEmirates STEP wastewater systems 189 1.4
Germany Jena University Hospital 164 1.2
Germany Upper West Berlin 161 1.2
Germany Albabstieg Tunnel 149 1.1
Italy Grosseto–Siena motorway 107 0.8
Poland S8 Opacz–Paszków 106 0.8
Total 2,903 21.6
NO SPECIFIC EXPOSURE TO ANY LARGE PROJECT (DEC. 2013)
1
STEP wastewater systems
S8 Poland
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FLAGSHIP PROJECTS – EXAMPLES
Upgrade and operation of A8 from Ulm to Augsburg
Size: € 205 m (=50% share)
Project schedule: 2011–2016
Project scope: upgrading to a six-lane motorway and operate and maintain it for 30 years
PPP-MOTORWAY A8 –GERMANY
Construction of S8 between Walichnowy and SieradzPołudnie
Size: € 254 m
Project schedule: 2012–2014
Project scope: construction of two expressway segments, bridges and service area
EXPRESSWAY S8 –POLAND
Construction of the new Central Station in Vienna
Size: € 59 m (=27% share)
Project schedule: 2009–2015
Project scope: theconstruction includes all adjoining buildings, shopping facilities and underground parking
CENTRAL STATION VIENNA – AUSTRIA
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Construction of the new headquarter in Frankfurt/Main
Size: € 185 m
Project schedule: 2010–2013
Project scope: Construction consisting of two polygonal towers, which are connected by an atrium
EUROPEAN CENTRAL BANK – GERMANY
FLAGSHIP PROJECTS – INTERNATIONAL
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Size: € 36 m
Project schedule: 2014–2017
Project scope: all earth and concrete works for the intake structures, an open-channel waterway, a turbine hall and a stilling basin
HYDROELECTRIC POWER PLANT – CHILE
Size: € 45 m (=50% share)
Project schedule: 2014–2016
Project scope: new berthing quay, quay facilities, relocation of container cranes, extension of the container storage area and the construction of annex buildings, modernisation of existing harbour facilities
CONTAINER PORT –MAURITIUS
Size: € 9 m
Project schedule: 2012–2014
Project scope: construction of a drinking water treatment plant and supply network (photovoltaic installation)
WATER TREATMENT PLANT – GHANA
Size: € 54 m
Project schedule: 2014–2017
Project scope: excavation of two 60 m deep shafts and a 6.3 km rock-bored tunnel (4.1 km onshore and 2.2 km offshore)
OUTFALL TUNNEL –CANADA
BUSINESS SEGMENT CONTRIBUTION 2013
North + West South + East
International +
Special Divisions
Regions / Areas
Germany, Poland, Benelux, Scandinavia /
Ground and Hydraulic Engineering, Offshore Wind
Austria, Switzerland, Hungary, Czech Republic, Slovakia,
Adriatic region, Russia and neighbouring countries,
Rest of Europe /Environmental Technology
International / Tunnelling, Construction Materials (except
asphalt), Property & Facility Services, Real Estate and
Infrastructure Development(concessions)
Output volume (€m) 6,021 4,593 2,822
Order backlog (€m) 5,451 3,805 4,202
EBIT (€m) 73 138 70
EBIT margin (%) 1.3 3.1 2.8
Employees 22,695 21,089 23,575
1
44% of output volume 34% of
output volume
21% of output volume
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4th, non-operating segment „Others“, output volume 1%, not shown
KEY FINANCIALS
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∆% was calculated with original, not rounded figures � therefore, rounding differences may occur.
(€m) 9M/2014 9M/2013 ∆% 2013 2012 ∆%
Output volume 9,712 9,609 1 13,573 14,043 -3
Revenue 8,892 8,806 1 12,476 12,983 -4
EBITDA 350 329 6 695 608 14
EBIT 64 40 62 262 207 26
Net income after minorities 14 -2 n.m. 114 61 87
Cash flow from operating activities -109 -117 7 694 269 158
Cash flow from investing activities -381 -257 -48 -332 -447 -26
Balance sheet total 10,494 10,299 2 10,561 10,138 4
Group equity 3,169 3,111 2 3,239 3,163 2
Equity ratio 30.2% 30.2% 30.7% 31.2%
Net debt (+)/Net cash (-) 472 605 -22 -74 155 n.m.
STABLE SHAREHOLDER STRUCTURE
HaselsteinerFamily25.5%
UNIQA/ Raiffeisen26.5%
RasperiaTrading
25.0%+ 1 share
Free float13.0%
Treasury shares10.0%
SHAREHOLDER STRUCTURE 7/2014
● Core shareholders account for the majority 77%
stake
● Flexibility: Strategic decisions can be taken and
implemented very fast.
● Share buyback programme July 2011–May 2013;
acquisition of 10% of shares
COMMENTS
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2 THE STRABAG STRATEGY
A EUROPEAN-BASED TECHNOLOGY GROUP FOR CONSTRUCTION SERVICES
„STRABAG is a European-based technology group for construction services,
a leader in innovation and financial strength. We create added value for our
clients by integrating the most diverse services and assuming responsibility
for them: We bring together people, materials and machinery at the right place
and at the right time in order to realise even the most complex construction
projects – on schedule, of quality and at the best price.“ (The STRABAG Vision)
2
STRABAG takes an agreed scope of responsibility and part of the risk, thereby relieving the client e.g. of the risk of delays and cost overruns.
Professional and market experience as well as financial strength needed to create added value
Helps clients meet their goals (time, quality, lower costs)
Technology/Innovation: Differentiation through superior technology and innovative solutions
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THE STRABAG STRATEGY
(1) Margin Upside
− Strategic priority: Strengthening risk and opportunity management
− Strategic priority: Implementing efficiency-rising measures proposed by task force
(2) Flexible Business Model, Selective Diversity
− Strategic priority: Showing flexibility
− Strategic priority: Staying diversified
− Strategic priority: Offering top technology and sustainability
(3) Financial Strength
− Strategic priority: Maintaining financial strength
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(1) MARGIN UPSIDE: TARGETS
2
MID-TERM TARGET OF 3% EBIT MARGIN
● Task Force
− Streamline overhead costs
− Organisational development
− Measures currently and continuously being implemented
● Comprehensive risk management
TOP-LINE GROWTH AS OF 2016 EXPECTED
● Output volume 2014e: € 13.6 bn (stable vs. 2013)
● Grow share of non-European operations to 10% by 2016
− Americas, Middle East, Asia, Africa
− 2013: 6%
-5%-2%
12%
-2% -3%
-5%
12%
2009 2010 2011 2012 2013
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2.3% 2.4% 2.4%1.6%
2.1%3.0%
0%
4%
2009 2010 2011 2012 2013 2016
(1) MARGIN UPSIDE: RISK MANAGEMENT
2
● Four-eyes-principle
● Contract Management (most risks occur prior to the signature of the contract)
● Internal price committees (including a STRABAG SE board member when project volume ≥ € 70 m)
● Internal Audits
● Organisational structure with central divisions
● Management information system:
“We have developed a management information system that helps us to ensure that the same standards apply in all regions where STRABAG is active. This means: clear criteria for the assessment of new projects, a standardisedprocess for the submission of bids and control systems serve as filters to avoid loss-bringing projects.”
Thomas Birtel, CEO
RISK MANAGEMENT INSTRUMENTS
● Joint Venture with the client
● Cost + fee
● Guaranteed maximum price
● Lump-sum
● Unit pricing
TYPES OF CONTRACTS
COMPOSITION OF THE ORDER BACKLOG
22 %Total of the ten largestprojects in the order
backlog
15,315Construction sites
per year
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ORDER BACKLOG (€M)
(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: RESILIENCE OVER A VOLATILE PERIOD
2
13,021 12,77714,326 14,043
13,573
0
20000
2009 2010 2011 2012 2013
OUTPUT VOLUME (€M)
EBITDA (€M) AND EBITDA MARGIN (%) EBIT (€M) AND EBIT MARGIN (%)
2010 EBITDA and EBIT figures include a positive one-off of € 24.6 m and € 10.6 m, respectively.
14%
-3%
684 735 746
608695
0
1000
2009 2010 2011 2012 2013
5.5%5.9%
5.4%
4.7%
5.6% 283 299 335
207262
0
1000
2009 2010 2011 2012 2013
2.3%2.4% 2.4%
1.6%2.1%
26%
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13,968 14,73913,354 13,203 13,470
0
20000
2009 2010 2011 2012 2013
2%
(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: SUBCONTRACTING AND PORTFOLIO MIX
SUBCONTR. BUILDING & CIVIL ENGINEERING
● Diversifying selectively
● Top market positions in stable home markets
● Growing share of non-European countries
Own70%
Sub-contractors
30%
SUBC. TRANSPORTATION INFRASTRUCTURE
2
DIVERSIFIED PORTFOLIO BALANCES CYCLICAL/PROJECT-DRIVEN NATURE OF CONSTRUCTION
Bond Investor Presentation January 2015
Own30%
Sub-contractors
70%
Building Construction &
Civil Engineering
40%
Transportation Infrastructure
37%
Services 7%
International 6%
Tunnelling 5%
Construction materials 3% Concessions 2%
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(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: OWN DENSE CONSTRUCTION MATERIALS NETWORK
● Asphalt mixing plants 301(2)
● Concrete mixing plants 165(2)
● Total quarries and gravel pits 178(2)
● Cement mixing plants 6(3)
● Production of 3.7 m m³ of concrete, 15.2 m tons of asphalt and 1.0 m tons of cement in 2013
● More than € 2.2 bn tons reserves of stone and gravel
● Sales revenue of € 575 m in 2013
STRABAG FACILITIES(1)
● Hedge against price fluctuations, securing supply
● Existing quarries as effective entry barriers – lack of permits for new sites
● 30% in joint venture (at equity-consolidated since Q3/2011) with Lafarge secures access to cement in Austria, Hungary, Czech Republic, Slovenia.
● Further optimisation of raw materials network and increased self-sufficiency except in asphalt
OWN COVERAGE OF MATERIAL NEEDS (%)
2
HIGHLIGHTS
(1) As of December 2013, (2) Includes active facilities from joint ventures and associates, (3) JV with Lafarge, STRABAG share 30%
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84%
29% 26%18%
83%
28%18%
0%
100%
Asphalt Concrete Cement Stone/Gravel2013 2012
(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: STEADY INCOME THROUGH CONCESSION BUSINESS
2
NUMBER OF STRABAG’S PPP(1) PROJECTS
● Focus on infrastructure and large public buildings
● PPP/BOT(1) in home markets, Eastern Europe and increasingly in selected international markets (insufficient legal framework in some countries)
● Growing importance as public procurement method due to cost advantages and austerity programmes
● High barriers to entry due to necessary PPP expertise and financial strength
SELECTED PPP PROJECTS
PPP STRATEGY
(1) Public-Private Partnership/Build-Operate-Transfer
Vocational schools, Germany Motorway A8, Germany
COUNTRY PROJECTTOTAL
COST (€M)% SHARE
CONCESSION UNTIL
STATUS
PL A2 Section II 1,543 10 2037 Operation
HU M5 Motorway 1,292 100 2031 Operation
HU M6 Motorway 966 30 2037 Operation
PL A2 Motorway I 880 10 2037 Operation
GERSchools,Hamburg
301 50 - In progress
GERMinistries, Potsdam
16 100 - In progress
2933
35 36 36
0
40
2009 2010 2011 2012 2013
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(2) FLEXIBLE BUSINESS MODEL, SELECTIVE DIVERSITY: PROPERTY & FACILITY SERVICES
2
TARGET MARKETS
● Output 2013: € 955 m
● ~ 10,700 employees
● ~ 30 m m² managed area
● ~ 56,800 objects in portfolio(1)
● Active in 12 countries
● „Top Arbeitgeber in Deutschland 2014“ (Top Employer in Germany 2014)
● September 2014: Acquisition of DIW strengthens#2 market position in German facility management
● Consolidated in the International + Special Divisions segment
KEY FACTS 2013
PROJECTS UNDER MANAGEMENT
(1) without residential units
Deutsche Telekom AG, Germany
Tower 185, Frankfurt, Germany
City Tower, Praha, Czech Republic
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(2) OFFERING TECHNOLOGY AND SUSTAINABILITY: CASE STUDY – CENTRAL TECHNICAL DIVISION / TPA
● Central Technical Division – organisation in charge of planning and execution of R&D projects
● Focus on building construction and civil engineering
● >750 employees in 21 locations; personnel cost ~ € 50 m p.a.
● R&D spending increased 13% in 2012 to € 17 m
● TPA – organisation focused on optimising technical processes, workplace safety and quality
● Focus on transportation infrastructure
● STRABAG’s competence centre for quality management and construction R&D
● 900 employees in 130 locations
STRABAG AND PEERS: R&D/TECHNICAL DIVISION STAFF HEADCOUNT
2
1.1%
3.2%
1.9%1.5%
0.6%0.2% 0.2% 0.1% 0.1%
0%
4%% of total headcount
STRABAG Peers
0 0
753500 500 450
150 125 105 100 90
0
1600Number of employees
900
STRABAG Peers
Central Technical Division
TPA
1700
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(3) FINANCIAL STRENGTH AS COMPETITIVE ADVANTAGE
2
RATING
● STRABAG SE is one of the few European construction companieswith an official corporate credit rating.
● S&P confirmed investment grade rating BBB-, stable outlook, in August 2014
− vertical integration and strategic access to construction materials
− strong liquidity position & track record of relatively stable margins
− indicators necessary for investment grade rating still offerconsiderable flexibility in terms of investments and acquisitions
● Target: maintain investment grade credit rating
EQUITY RATIO
NET CASH
● High equity ratio of 31% despite share buyback (sector average 19%)
● Target: maintain equity ratio of ≥ 25%
● Net cash of € 74 m end of 2013
Bond Investor Presentation January 2015Page 23
(3) FINANCIAL STRENGTH: DIVERSIFIED FINANCING
DEBT REPAYMENT PROFILE (€M)
● Cash and surety credit lines (31 Dec. 2013): € 6.7 bn (thereof cash credit lines of € 0.6 bn)
● Bond issues outstanding:
− € 200 m, 3.00%, 2013–2020
− € 100 m, 4.25%, 2012–2019
− € 175 m, 4.75%, 2011–2018
− € 100 m, 4.25%, 2010–2015
● € 2 bn syndicated surety loan (at least by 2019)
● € 400 m syndicated cash credit line (at least by 2019)
DIVERSIFIED MEANS OF FINANCING
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7.5
100.0
175.0
100.0
200.0
116.5 23.5
0
400
2014 2015 2016 2017 2018 2019 2020Bonds Bonded loans
3 FINANCIAL PERFORMANCE
SEASONAL BUSINESS
3,8633,680
2,309
3,827
4,1694,020
2,263
3,774
4,0753,932
2,135
3,508
3,966 3,964
2,344
3,436
3,932
203
106
-145
162191
127
-165
-2168 205
-172
162 222
-500
4500
Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14
Output volume EBIT
49-164
56
172
QUARTERLY DEVELOPMENT OF OUTPUT VOLUME AND EBIT (€M)
3
(1) EBIT/revenue
3.2%
-7.5%-6.6%
5.0%
5.3%
4.4%
2.9%
4.7%
-0.1%
5.6%
-8.6%
1.6%
4.4%EB
IT m
arg
in(1
)
Bond Investor Presentation January 2015Page 26
6.2%
-7.6%
1.7%
4.9%
ORDER BACKLOG + 10 %, STABLE OUTPUT VOLUME
OUTPUT VOLUME (€M)
3
9,712 9,609
13,573
0
20000
9M/14 9M/13 2013
● Favourable weather conditions in Germany
● Several other markets down slightly
Bond Investor Presentation January 2015Page 27
1%
ORDER BACKLOG (€M)
15,40013,999 13,470
0
20000
9M/14 9M/13 2013
10% ● New industrial construction projects in Russia
● Large orders also in Chile, Slovakia, Romania andDenmark
350 329
-150
750
9M/14 9M/13 2013
DOUBLE-DIGIT GROWTH IN EBIT
EBITDA (€M)
EBIT (€M)
3
● Efficiency gains, among others, resulted in an increase in EBITDA by 6 %
● Depreciation and amortisation at about last year’s level
6%
Bond Investor Presentation January 2015Page 28
64 40
262
-450
0
450
9M/14 9M/13 2013
62%
695
(€m) 9M/14 2013
Share capital 114 114
Capital reserves 2,311 2,311
Retained earnings 429 492
Non-controlling interests 315 322
Equity 3,169 3,239
Provisions 989 995
Financial liabilities 1,220 1,354
Trade payables & other liab. 81 78
Deferred taxes 36 39
Non-current liabilities 2,326 2,466
Provisions 640 696
Financial liabilities 454 369
Trade payables 3,088 2,936
Other current liabilities 817 855
Current liabilities 4,999 4,856
Liabilities & equity 10,494 10,561
(€m) 9M/14 2013
Intangible assets 500 502
PP&E & investment property 2,098 2,183
Associated companies 365 372
Other financial assets 350 253
Concession receivables 735 780
Trade and other receivables 114 109
Deferred taxes 242 217
Non-current assets 4,404 4,416
Inventories 1,022 1.105
Trade and other receivables 3,907 3,303
Concession receivables 26 25
Cash and cash equivalents 1,135 1,712
Current assets 6,090 6,145
Total assets 10,494 10,561
EQUITY RATIO REMAINS HIGH AT MORE THAN 30%
ASSETS(1) LIABILITIES AND EQUITY(1)
3
(1) Rounding differences might occur.
Page 29Bond Investor Presentation January 2015
(€m) 9M/14 ∆% 9M/13
Cash – beginning of period 1,685 25 1,351
Cash flow from earnings 258 4 248
∆ Working Capital -367 -1 -365
Cash flow from operating activities -109 7 -117
Cash flow from investing activities -381 -48 -257
Cash flow from financing activities -80 n.m. 76
Net change in cash -569 -91 -298
FX changes -7 41 -12
Change restricted cash 9 62 5
Cash – end of period 1,117 7 1,046
HIGHER CFI DUE TO ACQUISITION OF DIW AND PURCHASE OF FINANCIAL ASSETS
3
Rounding differences might occur.
Page 30Bond Investor Presentation January 2015
4 APPENDIX
OUTPUT VOLUME BY COUNTRY
4
(1) CAGR over period 2009–2013; (2) Russia and neighbouring countries
Bond Investor Presentation January 2015Page 32
(€m) 2009 2010 2011 2012 2013 CAGR(1) (%)
Germany 5,380 5,051 5,609 5,779 5,789 2
Austria 1,981 1,907 1,985 1,888 1,982 0
Poland 993 1,352 1,719 1,139 787 -6
Czech Republic 786 867 769 646 645 -5
RANC(2) 282 351 487 527 561 19
Scandinavia 199 248 512 579 510 26
Hungary 832 580 436 393 496 -12
Benelux 221 284 360 456 400 16
Switzerland 378 370 574 425 386 1
Slovakia 480 427 441 400 340 -8
Middle East 350 295 309 305 323 -2
Romania 161 165 206 372 322 19
Americas 162 246 257 348 263 13
ltaly 108 128 186 157 168 12
Africa 168 136 63 125 165 0
Croatia 149 92 106 130 133 -3
Asia 84 89 109 111 103 5
Other European Countries 168 65 44 83 81 -17
Slovenia 67 43 49 81 67 0
Serbia 37 45 87 72 31 -4
Bulgaria 35 36 18 27 20 -13
Total 13,021 12,777 14,326 14,043 13,573 1
0.14-0.02
1.11
-2
2
9M/14 9M/13 2013
14-2
114
-200
200
9M/14 9M/13 2013
EARNINGS PER SHARE MOVED INTO POSITIVE TERRITORY
NET INCOME AFTER MINORITIES (€M)
● Net interest income slipped from € -19 million to € -25 million
● Profit of € 6 million attributable to third-party shareholders
● Net income after minorities moved from negative into positive territory
EARNINGS PER SHARE (€)
4
n.m.
Page 33
n.m.
Bond Investor Presentation January 2015
2012 (€M) CONSTRUCTION OUTPUT STRABAG OUTPUT MARKET SHARE (%)
Germany 275,506 5,779 2.1
Austria 32,586 1,888 5.8
Hungary 7,410 393 5.3
Czech Republic 17,448 646 3.7
Poland 45,980 1,139 2.5
Slovakia 4,595 400 8.7
Switzerland 52,384 425 0.8
Benelux 101,377 456 0.4
Romania 17,902 372 2.1
Italy 172,153 157 0.1
Scandinavia 133,533 579 0.4
RANC 170,917 527 0.3
Croatia 3,120 130 4.2
Slovenia 1,459 81 5.6
Serbia 2,040 72 3.5
Bulgaria 6,035 27 0.4
STRABAG MARKET SHARE DATA
4Bond Investor Presentation January 2015Page 34
Sources: Euroconstruct December 2013, EECFA Country Reports September 2013, company data
THE MANAGEMENT BOARD
Thomas Birtel, CEO (second left) ● Joined STRABAG in 1996
● Management Board member since 2006
● Born 1954 Education: Economics
Christian Harder, CFO (second right) ● Joined STRABAG in 1994
● Management Board member since 2013
● Born 1968 Education: Business Administration
Peter Krammer, Head of North + West segment (left) ● Joined STRABAG in 1998
● Management Board member since 2010
● Born 1966 Education: Civil Engineering
Siegfried Wanker, Head of South + East segment (right) ● Joined STRABAG in 1994
● Management Board member since 2011
● Born 1968 Education: Civil Engineering
Hannes Truntschnig, Head of International + Special Divisions segment (centre) ● Joined STRABAG in 1981
● Management Board member since 1995
● Born 1956 Education: Engineering and Business Administration
LONG RECORD OF EXPERIENCE WITHIN STRABAG AND IN THE CONSTRUCTION SECTOR
4
Over
100years combined experience at STRABAG
Bond Investor Presentation January 2015Page 35
FINANCIAL CALENDAR AND IR CONTACT
● Full-year results 2014 29 April 2015
● Interim Report January–March 2015 29 May 2015
● Semi-Annual Report 2015 31 August 2015
● Interim Report January–September 2015 30 November 2015
Diana Neumüller-Klein, CFAHead of Investor Relations & Corporate Communications+43 1 [email protected]
www.strabag.com
4Bond Investor Presentation January 2015Page 36
STRABAG SEBOND ISSUE 2015INVESTOR PRESENTATION
JANUARY 2015